Edmonton, Alberta--(Newsfile Corp. - November 30, 2020) - Radient Technologies Inc. (TSXV: RTI) (OTCQX: RDDTF) ("Radient" or the "Company"), a manufacturer of high quality cannabinoids based formulations and products today announced its results for the second quarter ended September 30, 2020 and provided an update on its recent corporate developments.
"The second quarter was a period of transition, coming from the previous quarter where production had been dramatically scaled back, and ramping back up to meet customer needs," said Jan Petzel, interim CEO of Radient. "The new leadership team has focused on cost reductions, operational efficiency and strengthening the balance sheet. Despite the challenges, Radient is currently increasing production levels and we are also progressing on our white label initiative, with new products being prepared for sale to the provinces early in the new year."
Fiscal Q2 Highlights and Recent Developments
Fiscal Q2 Summary
Private Placement and Shares for Debt
Radient Technologies is also pleased to announce that it has closed the first tranche of its previously announced non-brokered private placement (the "Offering"). The Company has issued 9,050,000 common shares at a price of $0.10 per share for gross proceeds of $905,000. The Company intends to use the net proceeds of the Offering for growth initiatives and general corporate purposes. In connection with the Offering, the Company will pay a finders' fees of $48,400 in cash to certain parties. All securities issued in connection with the Offerings are subject to a 4 month holding period. Closing of the Offering remains subject to receipt of all necessary regulatory approvals, including final approval of the TSX Venture Exchange.
The Company has also agreed to issue 1,350,000 shares to a number of third party creditors in exchange for the settlement of $135,000 owed by the Company. Shares issued under this agreement will have a deemed value of $0.10 per share. Securities issued in the shares for debt arrangement will be subject to a 4 month hold period and are subject to the approval of the TSX Venture Exchange.
About Radient
Radient Technologies is an innovative science-based company that is a commercial manufacturer of high quality cannabinoid based formulations, ingredients and products. Utilizing a proprietary extraction and downstream processing platform that recovers up to 99% of cannabinoids from the cannabis plant, Radient develops specialty products and ingredients that contain a broad range of cannabinoid and terpene profiles while meeting the highest standards of quality and safety. Radient also has a science lab that is focused on innovation with expertise in formulations and technologies offering unique solutions in the cannabis and wellness space. Please visit www.radientinc.com for more information.
SOURCE: Radient Technologies Inc.
For further information please contact:
Radient - Investor Relations, [email protected]
Forward Looking Information:
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the growth of the Company's business operations. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Radient, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Although Radient has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Radient does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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